Coinbase Global Inc (NASDAQ:COIN) has agreed to acquire Dallas-based crypto startup Zabo for an undisclosed sum.
In a blog post on Wednesday night, Zabo, which provides software to give crypto investors a birds-eye view of their overall portfolio, said it will work with Coinbase to “continue to bring cryptocurrency mainstream and increase economic freedom for billions of people”.
READ: What is Coinbase: Everything you need to know about the crypto exchange
The acquisition is expected to close in the coming weeks, with Zabo emphasising that it is being formally acquired and not subject to an ‘acqui-hire’ process where a firm is simply taken over for its staff rather than its product offering.
“We are very excited to join Coinbase, which has done more than perhaps any other company in advancing the mission of bringing cryptocurrency mainstream,” Zabo co-founders Christopher Brown and Alex Treece said in a statement.
Zabo is the latest in a series of purchases Coinbase has made since going public in April, with the group having previously acquired asset manager Osprey Funds, data provider Skew and prime brokerage Tagomi.
Coinbase shares were down 1.4% at US$241 in pre-market trading on Thursday.